MetroPCS Deal Faces New Trouble and 2 Telecom Stocks Seeing Action

MetroPCS Communications (NYSE:PCS): In a letter to MetroPCS shareholders, P. Schoenfeld Asset Management, or PSAM, requested that they vote against the proposed MetroPCS and T-Mobile USA transaction. PSAM is strongly opposed to the proposed transaction due to the fact that under its current terms, the deal is unfair to MetroPCS shareholders and is described as irresponsible and inefficiently structured. Furthermore, the deal does not represent full and fair value for PSAM’s collective investment in the company, it added. Additionally, PSAM noted that it was heartened to see that other major shareholders, including Paulson & Co. Inc., the largest MetroPCS shareholder as it owns 36.3 million shares or 9.9 percent of outstanding shares as of the record date, also intend to vote against the deal.